Gold and Silver rate today (Aug 2, 2024): Precious metals continue to edge higher on growth concerns in US, rising tensions in Middle East

Gold and Silver rate today (Aug 2, 2024):  Gold prices continued with their upward gains as economic fall-out concerns surfaced in the world's most developed economy. Any economic concerns make the yellow-metal more attractive. At around 2:15 pm, MCX gold futures (Oct 4) were up Rs 446 or 0.64 per cent at Rs 70,100 per 10 gm. At day's high, gold futures reached levels of Rs 70,397 per 10 gm. 

Meanwhile, MCX Silver futures (Sept 5) were up sharply by 1.6 per cent or Rs 1,320 at Rs 83,914 per kg.

Rahul Kalantri, VP Commodities, Mehta Equities said in the previous trading session gold and silver showed significant price volatility, gaining in the early trading session but unable to sustain higher levels.

Heightened tensions in the Middle East, following an air strike in Iran and Lebanon that killed top Hamas and Hezbollah officials, bolstered the safe-haven demand for gold. U.S. economic data released on Thursday was mixed; jobless claims surged to 249,000 from the previous 235,000, marking the highest level since August 2023. The U.S. flash manufacturing PMI data was disappointing, reflecting the lowest reading since November 2023, which pressured silver prices lower, he added.

The expert expects gold and silver prices to remain volatile in today’s session ahead of the U.S. job data release. Gold has support at $2422-2405 and resistance at $2458-2474. Silver has support at $28.10-27.90 and resistance at $28.64-28.80. In INR, gold has support at Rs 69,650-69,410 and resistance at Rs 70,290-70,550. Silver has support at Rs 82,020-81,450 and resistance at Rs 83,090-83,640.